Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC: +13.5% ADR Premium, Historically High Spread Represents Short Opportunity</li>
<li>UMC: -0.9% ADR Discount, Results Tomorrow Could Open Up Trade Opportunity</li>
<li>ASE: +9.1% Premium, Historically High But Likely Best to Wait for Higher Levels</li>
</ul>


TSMC: +13.5% ADR Premium, Historically High Spread Represents Short Opportunity
UMC: -0.9% ADR Discount, Results Tomorrow Could Open Up Trade Opportunity
ASE: +9.1% Premium, Historically High But Likely Best to Wait for Higher Levels


Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow

<ul>
<li>TSMC: Stock Prices Soared After Reporting Earnings, But ADR Rose Higher... Now +12.4% Premium, Shortable Level</li>
<li>ASE: ADR Spread Has Rebounded Substantially, Now +8.6%. Not Yet at Short Levels.</li>
<li>ChipMOS: ADR Spread Drops to -2.2%, Good Level to Go Long.</li>
</ul>


TSMC: Stock Prices Soared After Reporting Earnings, But ADR Rose Higher... Now +12.4% Premium, Shortable Level
ASE: ADR Spread Has Rebounded Substantially, Now +8.6%. Not Yet at Short Levels.
ChipMOS: ADR Spread Drops to -2.2%, Good Level to Go Long.


Taiwan Dual-Listings Monitor: TSMC ADRs Outpace Local, Extreme Spread; ChipMOS Good Long Level

<ul>
<li>TSMC: 7.7% Premium -- Spread Has Fallen Further, Likely Can Short a Bit Further</li>
<li>ASE: Drops to 5.1% Premium -- Can Consider Going Long at Current Level Due to Maxed Headroom &amp; ASE's Strong Advanced Chip Packaging Story</li>
<li>CHT: Trading at -0.9% Discount -- Good Level to Long the Spread, Rare Discount</li>
</ul>


TSMC: 7.7% Premium -- Spread Has Fallen Further, Likely Can Short a Bit Further
ASE: Drops to 5.1% Premium -- Can Consider Going Long at Current Level Due to Maxed Headroom &amp; ASE's Strong Advanced Chip Packaging Story
CHT: Trading at -0.9% Discount -- Good Level to Long the Spread, Rare Discount


Taiwan Dual-Listings Monitor: TSMC Contraction Continues; ASE & Chunghwa at Historically Rare Levels

<ul>
<li>TSMC: 9.2% Premium -- Spread Fell But Remains Historically High; Short Interest Spiked for ADRs</li>
<li>UMC: Trading at -1.2% Discount -- Still Uncompelling, Wait for Lower Levels</li>
<li>ASE: Drops to 7% Premium -- Could Soon Be at a Level to Go Long</li>
</ul>


TSMC: 9.2% Premium -- Spread Fell But Remains Historically High; Short Interest Spiked for ADRs
UMC: Trading at -1.2% Discount -- Still Uncompelling, Wait for Lower Levels
ASE: Drops to 7% Premium -- Could Soon Be at a Level to Go Long


Taiwan Dual-Listings Monitor: TSMC Premium Remains High; ADR Short Interest Spiked

<ul>
<li>TSMC: 10.5% Premium -- Still a Good Level to Short the Spread</li>
<li>UMC: Trading at -1.1% Discount -- Uncompelling, Wait for Deeper Discount</li>
<li>ASE: 8.8% Premium -- Still Wait for Lower Levels Before Going Long</li>
</ul>


TSMC: 10.5% Premium -- Still a Good Level to Short the Spread
UMC: Trading at -1.1% Discount -- Uncompelling, Wait for Deeper Discount
ASE: 8.8% Premium -- Still Wait for Lower Levels Before Going Long


Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining

Taiwan

Everlight Electronics Co., Ltd. manufactures and markets optoelectronic components.  The Company's main products are surface mount devices light emitting diodes (LEDs), super bright LED lamps, special purpose LEDs, dot matrix displays, photo transistors, and infrared LEDs.

Ardentec Corporation develops and provides IC (integrated circuit) wafer test and IC final test services.

ITE Technology Inc. is a fabless IC design house.  The Company develops, manufactures, and markets various kinds of ICs (Integrated Circuits) for the use in PCs (Personal Computers), IAs (Internet Appliances), and LCDs (Liquid Crystal Displays).

Sitronix Technology Corp. designs MCU (Memory Control Unit) ICs (Integrated Circuits) and LCD (Liquid Crystal Display) driver ICs.

Shunsin Technology Holdings Ltd was established in 2008. The company engages in the semiconductor industry. ShunSin is a dedicated high-tech enterprise for electronic communication products and semiconductor packaging and testing services.

PixArt Imaging Inc. designs, develops, and markets image sensors.

Fitipower Integrated Technology Inc designs and manufactures digital & analog signal mix display drive integrated circuit(IC). The Company's products include Fitipwer Display Driver IC.

Fitipower Integrated Technology (4961 TT)

Elite Semiconductor Memory Technology Inc. manufactures, sells, designs, and develops DRAM (Dynamic Random Access Memory) and SRAM (Static Random Access Memory).  The Company also provides related services.

Elite Semiconductor Memory Technology (3006 TT)

Sigurd Microelectronics Corporation provides integrated circuit (IC) testing and packaging services.  The Company also designs and manufactures ICs.

Foxsemicon Integrated Technology Inc develops, designs, manufactures and sells semi-conductor equipment and system assemblies. The Company manufactures thin film transistor (TFT), liquid crystal displays (LCDs) and semiconductor wafers.

Hana Micron Inc. designs, develops, manufactures, and sells semiconductor packages for memory and non-memory semiconductor products.  The Company also produces USB flash drive (UFD), a mobile storage devices which can substitute floppy disk drives.

Grinm Advanced Materials Co Ltd. develops and manufactures semiconductor materia ls. The Company's products include monocrystalline silicon, germanium,  compound  semiconductor materials, and other related electronic materials. Grinm Advanced Materials also invests in technology development and provides technical  and processing services.

UT Group Co., Ltd. is a holding company.  The Group specializes in semiconductor and LCD (Liquid Crystal Display) related products and provides outsourcing services to electronics manufacturers.

Tri Chemical Laboratories Inc. develops, produces, and markets semiconductor and optic fiber materials.  The Company also designs and manufactures containers for chemicals.

D&O Green Technologies Bhd, through its subsidiary, manufactures semiconductor components. The Company manufactures and assembles semiconductor components under original equipment manufacturer contract manufacturing and captive line arrangements.  D&O serves multinational corporations.

Ferrotec Corporation develops, manufactures, and sells equipment that incorporates magnetic fluid (ferrofluid) technology. The Company manufactures and processes electronics components, manufactures machine tools, and cleans parts used in semiconductor manufacturing equipment as CMS (contract manufacturing service) business in China.

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. processes semiconductor materials such as silicon and gallium.  The Company also designs, manufactures, and sells semiconductor material processing machinery and sells various kinds of measuring and testing devices.

Eugene Technology Company Ltd. manufactures tools for wafer fabs.  The Company uses the wafer fabs to produce integrated circuits in volume.

JinkoSolar Holding Company Limited manufactures solar products. The Company produces silicon wafers, solar cells and solar modules.

SHIBAURA MECHATRONICS CORPORATION manufactures and markets manufacturing machines for semiconductors, liquid crystal displays (LCD), and sputtering systems.  The Company also makes industrial automated systems, laser processing equipment, cartesian robots, vending machines, and vacuum pumps.

ChipMOS TECHNOLOGIES INC. offers semiconductor testing and packaging solutions to companies, integrated device manufacturers, and foundries. The Company provides a broad range of back-end testing services for high density memory, mixed-signal and liquid crystal display.

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Chipmos Technologies (8150 TT)

Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow

TSMC's ADR premium history suggests a short opportunity, while UMC's results tomorrow could open up a trade. Also, why waiting for ASE's premium...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC ADRs Outpace Local, Extreme Spread; ChipMOS Good Long Level

Stock prices for TSMC surged after its earnings report, with its ADR spread expanding. ASE's ADR spread increased as well. ChipMOS's ADR spread...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Contraction Continues; ASE & Chunghwa at Historically Rare Levels

TSMC's premium contraction continues. ASE's premium has fallen substantially and offers potential for going long. CHT is at a rare discount,...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Remains High; ADR Short Interest Spiked

In this piece, we provide our long and short levels for each dual-listing spread. Only TSMC's spread offers a compelling opportunity right now in...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining

In this piece, we provide our long and short levels for each dual-listing spread. Spreads have generally risen along with the strong end of year...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow

​TSMC's ADR premium history suggests a short opportunity, while UMC's results tomorrow could open up a trade. Also, why waiting for ASE's premium...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC ADRs Outpace Local, Extreme Spread; ChipMOS Good Long Level

​Stock prices for TSMC surged after its earnings report, with its ADR spread expanding. ASE's ADR spread increased as well. ChipMOS's ADR spread...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Contraction Continues; ASE & Chunghwa at Historically Rare Levels

​TSMC's premium contraction continues. ASE's premium has fallen substantially and offers potential for going long. CHT is at a rare discount,...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Remains High; ADR Short Interest Spiked

In this piece, we provide our long and short levels for each dual-listing spread. Only TSMC's spread offers a compelling opportunity right now in...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining

In this piece, we provide our long and short levels for each dual-listing spread. Spreads have generally risen along with the strong end of year...

Vincent Fernando, CFA

TSMC's ADR premium history suggests a short opportunity, while UMC's results tomorrow could open up a trade. Also, why waiting for ASE's premium...

Stock prices for TSMC surged after its earnings report, with its ADR spread expanding. ASE's ADR spread increased as well. ChipMOS's ADR spread...

TSMC's premium contraction continues. ASE's premium has fallen substantially and offers potential for going long. CHT is at a rare discount,...